Bank of New York Mellon Corp Sells 68,160 Shares of Nokia Corporation (NYSE:NOK)

Bank of New York Mellon Corp cut its holdings in Nokia Corporation (NYSE:NOK - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,524,914 shares of the technology company's stock after selling 68,160 shares during the period. Bank of New York Mellon Corp's holdings in Nokia were worth $13,306,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in NOK. Capital Investment Counsel Inc increased its position in Nokia by 11.0% in the 1st quarter. Capital Investment Counsel Inc now owns 24,247 shares of the technology company's stock valued at $128,000 after buying an additional 2,400 shares in the last quarter. Parallel Advisors LLC increased its holdings in Nokia by 11.0% during the 1st quarter. Parallel Advisors LLC now owns 25,781 shares of the technology company's stock worth $136,000 after purchasing an additional 2,556 shares in the last quarter. Mission Wealth Management LP increased its holdings in Nokia by 2.9% during the 1st quarter. Mission Wealth Management LP now owns 91,067 shares of the technology company's stock worth $480,000 after purchasing an additional 2,593 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Nokia by 58.4% during the 1st quarter. Farther Finance Advisors LLC now owns 7,191 shares of the technology company's stock worth $38,000 after purchasing an additional 2,651 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in Nokia by 4.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 66,122 shares of the technology company's stock worth $293,000 after purchasing an additional 2,722 shares in the last quarter. 5.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised Nokia from a "hold" rating to a "buy" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $5.85.

Nokia Stock Performance

Shares of NYSE NOK traded down $0.08 during midday trading on Thursday, reaching $4.45. The company's stock had a trading volume of 8,196,910 shares, compared to its average volume of 20,133,773. Nokia Corporation has a 12-month low of $3.70 and a 12-month high of $5.48. The firm has a 50 day moving average price of $5.16 and a 200-day moving average price of $5.02. The stock has a market capitalization of $23.92 billion, a P/E ratio of 29.70 and a beta of 0.91. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.36 and a quick ratio of 1.15.

Nokia (NYSE:NOK - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). Nokia had a net margin of 4.09% and a return on equity of 8.73%. The firm had revenue of $4.98 billion during the quarter, compared to analysts' expectations of $4.47 billion. During the same quarter in the previous year, the company posted $0.09 EPS. Nokia's revenue for the quarter was down 1.2% on a year-over-year basis. As a group, equities analysts predict that Nokia Corporation will post 0.34 earnings per share for the current year.

Nokia Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a dividend of $0.0336 per share. This represents a $0.13 annualized dividend and a yield of 3.03%. This is a positive change from Nokia's previous quarterly dividend of $0.02. The ex-dividend date was Monday, May 5th. Nokia's dividend payout ratio is 80.00%.

About Nokia

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.